Auto Purchase

[cjc1961]

Florida. My husband and I purchased a vehicle from a dealership. Three days later we filed for bankruptcy, but did not include the new vehicle in the filing. The bank who financed our new loan somehow found out that we filed bankruptcy and have contacted the dealership and said they no longer will finance our car and the dealership says we must return the vehicle immediately. We are not sure what the statement "possession is 9/10 of the law" means, but we feel that the bank approved the purchase of the vehicle based on our credit at the time of purchase and they have no right to come back now and ask us to return the vehicle. We feel that if the bank transaction was not fully approved or completed then the dealership should not have allowed us to drive the vehicle off their lot. What are our options here?

 

[swalsh411]

You can either return the car, pay for it outright, or find other financing. Keeping it is not an option since it's not your car; it belongs to the bank. I suspect you haven't made a single payment on the loan yet. If you don't return it, it will be legally repossessed.

edit: Did you seriously think you were going to be able to finance a car, declare bankruptcy 72 hours later, and keep the car?

 

[CraigFL]

Although I don't like the situation, Isn't it true in Florida that you can keep your car(debt) as long as you can prove you can pay for it under the bankrupcy agreement?

 

[racer72]

Although I don't like the situation, Isn't it true in Florida that you can keep your car(debt) as long as you can prove you can pay for it under the bankrupcy agreement?

The problem the OP has is there is no debt, the bank backed out of the financing. The dealer is still the legal owner of the vehicle.

We feel that if the bank transaction was not fully approved or completed then the dealership should not have allowed us to drive the vehicle off their lot.

You are a piece of work. If you had been honest and told the dealer you were going to file bankruptcy, they most likely would have asked you to leave their property. Without a car. You were being deceitful and now it's biting you in the butt and you want to play innocent. Ain't going to happen, Babe.

 

[Indiana Filer]

You are a piece of work. If you had been honest and told the dealer you were going to file bankruptcy, they most likely would have asked you to leave their property. Without a car. You were being deceitful and now it's biting you in the butt and you want to play innocent. Ain't going to happen, Babe.

I would think the US bankruptcy trustee would be ticked for several reasons. 1) They went into major debt that soon before filing, and 2) the law requires ALL debt to be listed in the bankruptcy paperwork. The OP seems like they're trying to pull a scam on the bank, the dealer, and the federal courts.